Essar Energy's India-based unit sells Rs. 10 billion of 11-year bonds

By Susanna Moon

Chicago, Sept. 9 - Essar Energy plc said subsidiary Essar Power Ltd. completed a Rs. 10 billion 11-year bond offering in India.

The new bonds will be listed on the Bombay Stock Exchange and will be repaid from 2017 to 2024, according to a company press release.

"This further rupee bond issue will allow our power business to benefit from longer debt maturity timeframes and lower interest rates compared to our existing debt facilities," Deepak Maheshwari, Essar Energy's chief financial officer, said in the press release. "Essar Energy is well-positioned to capitalize on the growing demand for power in India."

Essar Energy is a London-based energy company that does business mostly in India.

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